Elad Group signs $146.1M construction loan for 111-unit conversion in NoMad

Elad Group through the entity 419 Pas LLC as borrower signed a refi loan with lender Deutsche Bank valued at $146.1 million for the office building (O4) at 419 Park Avenue South in NoMad, Manhattan.

On the lot, there is one active major alteration construction project, M01223041, for a 111-unit, 152,092 square-foot residential (R-2) building. The project was submitted by Elad Group and filed by Alex Olsen with plans filed September 4, 2025 and it has not been permitted yet.

The loan closed on January 26, 2026 and was recorded on January 28, 2026. The prior lender was Lawrence N. Friedland’s Lawland Properties which held debt that had an original loan amount of $57.5 million. The property has 160,114 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $912 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The owner bought the property on August 8, 2024, for $72.2 million. The signatory for Elad Group was Orly Daniell . The signatory for Deutsche Bank was Christopher Harrisi and Mrinal Dansingani .

The property

The office building in NoMad has 160,114 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 60 feet and is 132 feet deep with a total lot size of 9,675 square feet. The lot is irregular. The zoning is C6-4A which allows for up to 10 times floor area ratio (FAR) for commercial and up to 10 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $41.8 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $6,850 in OATH penalties in the last year.

The neighborhood

In NoMad, The majority, or 66 percent of the 13 million square feet of commercial built space are office buildings, with hotel buildings next occupying 15 percent of the space. In sales, NoMad has 1.6 times the average sales volume among other neighborhoods with $520.2 million in sales volume in the last two years and is the 20th highest in Manhattan. For development, NoMad has 1.9 times the average amount of major developments relative to other neighborhoods and is the 13th highest in Manhattan. It had 2.9 million square feet of commercial and multi-family construction under development in the last two years, which represents 23 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other office buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of 19 of the 27 commercial properties representing 419,251 square feet of the 463,378 square feet. The largest owner is Elad Group, followed by Manhattan Skyline Management and then Spectra Construction And Development.
On the tax block, there were four new building construction projects totaling 141,376 square feet. The largest is a 43-unit, 38,405 square-foot residential (R-2) building submitted by Spectra Construction and Development and filed by Daniel Klaynberg with plans filed July 21, 2025 and it has not been permitted yet. The second largest is a six-unit, 37,911 square-foot hotel/dormitory/shelter (R-1) building submitted by Skyland Management and filed by Daniel Dabakaroff with plans filed July 10, 2018 and it has not been permitted yet.

The majority, or 37 percent of the 463,378 square feet of built space are elevator buildings, with office buildings next occupying 35 percent of the space.

The borrower

The PincusCo database currently indicates that Elad Group owned at least five commercial properties with 51 residential units in New York City with 169,234 square feet and a city-determined market value of $45.6 million. (Market value is typically about 50% of actual value.) The portfolio has $610 million in debt, with top three lenders as Lionheart Strategic Management, Valley National Bank, and G4 Capital Partners respectively. Within the portfolio, the bulk, or 95 percent of the 169,234 square feet of built space are office properties, with retail properties next occupying 3 percent of the space. They are all located in Manhattan.

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